Source: Barchart.com

Alan Brugler - Barchart 

Thu Dec 1,

Cotton futures were down early on profit taking following Wednesday’s limit up move. Prices bounced back later and ended with 9 to 30 points of additional gains. For March that amounted to a 4 cent range on the day. Dec cotton was the exception on the day with lighter volume and waning OI as the contract went home on a 12 point pullback. 

NASS reported 812 RBs of cotton were consumed in October, a 4-month low and down 44% yr/yr. Cotton stocks were 3,749 RBs, a 3.9% tighter supply than Sep. 

Cotton export bookings were 16,494 RBs during the week that ended 11/24 according to the Export Sales report. That was up from last week’s 116k RB net cancelation but was still well below the same week last year. Getting there included sales to India, Indonesia, and Pakistan again offset by reductions to Turkey. The week’s export total was 139k RBs for a season to date total of 3.24m RBs. There is also 1.14m RBs on the books for 23/24 cotton. 

The Seam reported 3,968 bales of cotton were sold on 11/30 for an average gross price of 82.66 cents. The Cotlook A Index for 11/30 was up 160 points to 99.10. The FSA updated AWP for the week is 73.03 cents/lb, down by 158 points. ICE certified stocks were 8,901 bales on 11/30.

Dec 22 Cotton  closed at 85.93, down 12 points, Mar 23 Cotton  closed at 84.85, up 24 points, May 23 Cotton  closed at 84.15, up 12 points. (Source: Barchart.com)